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Did you know this about a currency exchange?
Equity | February 28

Currency is more than just a medium to buy or sell goods. The currency exchange is a place where you buy or sell currency of various countries and earn returns. Here, you need not buy and keep bundles of physical currency. You can purchase the currency value online to benefit from the fluctuations in the Forex market. Currency exchange is also known as foreign exchange, FX or Forex.

People who frequently travel abroad or deal with foreign clients will be already aware of the impact of changing currency rates. They are aware of the current exchange rates. Similarly, at a currency exchange, investors study the performance of the currency value. Then, they sell them when the currency value is high.

Here are some facts about the rise of currency in the world.

•         Banks had the freedom to create their money in the United States till 1908.

•         By the year 1913, pound sterling became the most valuable currency in the world.

•         In the 1980s, Reuters Dealing, an electronic currency trading platform was created by Reuters. It was considered the most advanced system before the advent of the internet.

•         The GBP/USD pair was nicknamed as ‘the cable’ because before modern technology transformed the trading system, a steel cable connected the New York and London currency exchanges.

•         “Gimme a buck.” You might have heard this in American sitcoms. ‘Buck’ means one dollar or can indicate money. Well, people exchanged buckskins as currency in the past, and this led to the American slang ‘buck’ which is used even today.

•         Currency markets are considered the most liquid markets globally. No authority regulates the currency exchange. Traders execute deals based on credit agreements. Self-regulated methods work effectively in the currency exchange.

•         Pip or percentage in point is the smallest increment of trading activity in a currency exchange.

•         Currencies are always traded in pairs. Although no physical exchange of a currency happens, the trading takes place in the form of lots electronically. So, currency trading is speculative in nature.

•         ‘Swissie’ is the nickname for Swiss Franc in the currency exchange.

•         Dating back to 8th century, GBP is the oldest currency in the world.

•         There are around 180 currencies across the world. USD, GDP, Euro, Swiss Franc, JPY are some of the major currencies traded in the currency exchange.

There are much more amazing facts about currencies. It is surprising that currency trading lets you use the money to gain from the value of currencies you don’t even touch. Know more about the functioning of currency. Exploring the possibilities of investing in a currency exchange.
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Dhruv DesaiDirector Tradebulls

Dhruv Desai joined the Trade bulls Group in the year 2015 as a Director & COO with a responsibility to streamline the broking operations function.

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